Levi & Korsinsky, LLP: Fraud-On-The-Market Doctrine Underpins Inovio Pharmaceuticals Securities Class Action

Know Your Rights: How Basic Inc. v. Levinson Enables Investor Recovery

NEW YORK, March 23, 2026 (GLOBE NEWSWIRE) -- Shareholder rights firm Levi & Korsinsky, LLP is representing investors in Inovio Pharmaceuticals, Inc. (NASDAQ: INO) who purchased securities during the Class Period.

THE INVESTIGATION: The action alleges that Inovio and certain officers made false or misleading statements during the period from October 10, 2023 through December 26, 2025.

The Efficient Market Hypothesis

Securities class actions often rely on the efficient market hypothesis — the theory that in an efficient market, all publicly available information about a company is rapidly reflected in its stock price. The action alleges that INO shares traded on an efficient market during the Class Period.

The Fraud-on-the-Market Doctrine

• In Basic Inc. v. Levinson (1988), the Supreme Court established the fraud-on-the-market presumption
• Investors in an efficient market can rely on the market price as reflecting all public information
• When defendants make false statements, those misrepresentations are allegedly incorporated into the stock price
• Halliburton Co. v. Erica P. John Fund (2014) reaffirmed this presumption of reliance
• Plaintiffs need not prove individual reliance on each alleged misstatement

Submit your information now or reach Joseph E. Levi, Esq. at jlevi@levikorsinsky.com | (212) 363-7500.

Alleged Application to Inovio

Plaintiffs contend that Inovio's stock traded on the NASDAQ, an efficient market, and was covered by multiple analysts. The action alleges that misrepresentations about device manufacturing and FDA regulatory pathways were incorporated into INO's price, artificially inflating it during the Class Period.

Rule 23 Class Certification

The fraud-on-the-market presumption facilitates class treatment under Federal Rule of Civil Procedure 23. Plaintiffs assert that common questions of law and fact predominate over individual questions, making class treatment superior for adjudicating the dispute.

"Securities class actions allow investors to efficiently pursue claims that might otherwise be too costly to bring individually," said Joseph E. Levi, Esq. "The legal framework supports investor recovery when fraud is alleged."

Act before time runs out or reach Joseph E. Levi, Esq. at jlevi@levikorsinsky.com | (212) 363-7500.

ABOUT THE FIRM

Levi & Korsinsky, LLP represents investors in securities class actions nationwide, with particular expertise in complex fraud-on-the-market cases and Section 10(b) litigation. The firm has been ranked among ISS Securities Class Action Services' Top 50 for seven consecutive years. Lead plaintiff applications must be submitted by April 7, 2026.

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